What are the implications on your credit file for accepting a short settlement figure?

[Reformation]

Hi Guys i have an offer of a short settlement figure for a credit card but i was wondering if id be better off (on my credit file) just paying the whole thing off? The card went to Viking collection services and has been showing as a 'D' on my credit file for 6 months but i dont want to compound the problem if a short settlement figure would have a further negative impact, id rather just pay it off as i will be looking to get a mortgage in a year or 2.

 

Any advice would be greatly appreciated.

[dx100uk]

if anyone is offering a 'discount' then somethings smells...

 

why>>>??

 

have you cca'ed these jokers?

 

more info please.

 

but to ans your Q.

 

the only way is to pay the debt off in full and ask for ALL negative data on your CRA to be WIPED

if they wont do that, its a waste of money

 

might as well pay £1 PCM till you die.

 

dx

[Tingy]

A short settlement will usually mean they just place settled against your account which I believe is just as bad as it saying defaulted. Unless you can get written assurance that everything would be removed from your credit file, it's not worth it.

[jimbo45]

Hi Guys i have an offer of a short settlement figure for a credit card but i was wondering if id be better off (on my credit file) just paying the whole thing off? The card went to Viking collection services and has been showing as a 'D' on my credit file for 6 months but i dont want to compound the problem if a short settlement figure would have a further negative impact, id rather just pay it off as i will be looking to get a mortgage in a year or 2.

 

Any advice would be greatly appreciated.

 

Look guys -- If you have any debt problems WHY EVEN WORRY about credit files -- just take it from me that THAT PART OF YOUR LIFE IS NOW OVER -- you can live easily without credit and nobody can harrass you any further about whats on your Credit file.

 

The best way is to tell them all to foxtrot oscar --once you've got out of debt don't bother again with credit cards etc etc. It really IS NOT WORTH IT anymore.

 

Believe me on this board most of us have been there and done it. Debt FREE is really the way to go --so you take a month or two longer to get that nice new gizmo --but when you buy it you'll get a LATER model at a cheaper price in any case.

 

Cheers

jimbo

[Reformation]

Yes well i was thinking more along of the line of getting a mortgage in a year or 2, i dont want a poor credit rating hence wanting to minimize the damage to it.

[jimbo45]

Hi there

If you can put down a sizeable deposit the Credit Rating doesn't really figure too highly in a Mortgage application anyway.

 

In fact you could probably argue that even with a load of CCJ's that eventually WERE satisified you could be better off getting a mortgage than someone with ZERO information on a credit file.

 

Strange but true in this murky world of credit / debt collection etc etc.

 

Just pay off what you can with the BEST possible deal --if you can get a full and final settlement at a fraction of the original --go for it but ensure that it is FULL and FINAL and the DCA can't pass on the rest to another DCA for further action.

 

Cheers

 

jimbo

[Tingy]

Hi there

If you can put down a sizeable deposit the Credit Rating doesn't really figure too highly in a Mortgage application anyway.

 

In fact you could probably argue that even with a load of CCJ's that eventually WERE satisified you could be better off getting a mortgage than someone with ZERO information on a credit file.

 

Strange but true in this murky world of credit / debt collection etc etc.

 

Just pay off what you can with the BEST possible deal --if you can get a full and final settlement at a fraction of the original --go for it but ensure that it is FULL and FINAL and the DCA can't pass on the rest to another DCA for further action.

 

Cheers

 

jimbo

 

I don't know about now, but 6 years ago that was certainly true. We had an 80% deposit for our house and they didn't even do a credit check at all - that was with Abbey.